Ahmedabad: Lulu International has successfully secured a 66,168 square meter commercial plot from the Ahmedabad Municipal Corporation (AMC) at a cost of Rs. 519.41 crore. This acquisition follows Lulu’s top bid during AMC’s e-auction.

The strategically located plot, near the existing Balaji Agora Mall, is positioned on the Sardar Patel Ring Road with close proximity to Chandkheda, Motera, Koba Circle, and the Narmada Canal. Lulu plans to develop a large mall on this site.

United Arab Emirates (UAE)-based Lulu International Shopping Malls Pvt. Ltd. emerged as the highest bidder, offering Rs. 78,500 per square meter during the e-auction held on Tuesday, June 18.

The plot falls under Town Planning (TP) scheme number 76/B (Chandkheda), with final plot numbers 381+382+383+391+396.

Three parties participated in the online auction, with an upset price set at Rs. 76,000 per square meter. Lulu’s winning bid of Rs. 78,500 per square meter brings the total value of the plot to Rs. 519.41 crore, which is Rs. 16.54 crore more than its original valuation of Rs. 502.88 crore.

The AMC is currently in the process of auctioning 22 plots, aiming to generate a total revenue of Rs. 2,250.96 crore.